Quebec newspaper chain Groupe Capitales Medias files for creditor protection

Companies in this story: (TSX:QBR.B)The Canadian Press MONTREAL — A Quebec French-language newspaper chain founded by former federal cabinet minister Martin Cauchon has filed for creditor protection.Le Groupe Capitales Medias, whose daily newspapers include Le Droit of Gatineau-Ottawa, the Quebec City Le Soleil, has been facing financial challenges.Premier Francois Legault promised Sunday that his government will “do everything” so that the newspapers survive a reported threat of closure as of Aug. 26. He previously said the government would be open to emergency one-time help until a general media assistance program is put in place.Two provincial ministers called a news conference for later this afternoon.The company owns “Le Nouvelliste” in Trois-Rivieres, “La Tribune” in Sherbrooke, “La Voix de l’Est” in Granby, “Le Quotidien” and “Le Weekend progress” in Saguenay.Quebecor Inc., which publishes the Journal de Quebec and Le Journal de Montreal, has expressed interest in the newspapers but the Liberal opposition is worried about media concentration. read more